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M.P Cotton Trades Steady For Second Straight Session amid Rising Arrivals

30 Sep 2020 2:28 pm
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MUMBAI (commodities control) - Cotton prices continue to hold steady for second consecutive session in Madhya Pradesh as yarn mill demand is limited, while cotton arrivals are rising.

Traders see arrivals rising in the coming days due to which buyers are reluctant to purchase now. State mandis' cotton arrivals were registered 2500 bales vs 2200 bales on Tuesday. Kapas prices continue to trade in the range of Rs 3000-4200. Cottonseed was priced at Rs 2100-2400 and Cottonseed oilcake was priced at Rs 2180-2325 per quintal. RD variety of cotton prices was quoted steady at Rs 33,000-36,000 per candy. USDA attaché reports that Indian cotton production is estimated at 29.4 million 480-lb bales in marketing year (MY) 2020/21 on an area of 13 million hectares. "Well distributed monsoon rains have provided adequate moisture, accelerated the pace of sowing, and improved yield prospects, which are expected to increase by two percent compared to last year." "Ex-gin cotton prices are improving as mill purchases and exports of cotton yarn and fabric show signs of growth. However, sizable carryover cotton stocks remain, which keep prices suppressed. The domestic consumption outlook remains weak as COVID-19 concerns continue to keep consumers away from retail stores.”

       
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